Sen. Mike Crapo of Idaho says the newly established Consumer Financial Protection Bureau should be watching out for consumers — not watching them. Agency head Richard Cordray told the Senate Banking Committee on Tuesday that his bureau is using the data to understand the financial marketplace and to help consumers — not violate their privacy.

Republicans have questioned the legitimacy of Cordray's recess appointment by President Barack Obama. The new financial protection bureau was created in the wake of the 2008-2009 financial crisis. Republicans generally opposed the agency's creation and contend it has too much power.